HomeMy WebLinkAboutORDINANCES-1985-115-O-8510/16/85
115-0-85
AN ORDINANCE
Allocating $2,100,000.00 in
Industrial Revenue Bond Authority to
the City of East St. Louis, Illinois
WHEREAS, the City of Evanston, as a home rule municipality, is
authorized by law to issue Industrial Revenue Bonds; and
WHEREAS, the amount of Industrial.Revenue Bonds to be issued is
regulated by law in a manner which restricts said issuance in an amount equal
to One Hundred Fifty and no/100ths Dollars ($150.00) per capita per year; and.
WHEREAS, the amount of Industrial Revenue Bond capacity for the
City of Evanston is Ten Million Fifty-five Thousand Nine Hundred and no/100ths
Dollars ($10,055,900.00) of which Three Hundred Thousand and no/100ths Dollars
($300,000.00) has been utilized; and
WHEREAS, the City of Evanston will not utilize its entire authority
to issue said revenue bonds in the total amount permitted by law; and
• WHEREAS, the City may, by .action of its corporate authorities,
re -allocate its authority to issue said revenue bonds to other municipalities
authorized by law to issue said revenue bonds; and
e WHEREAS, the City of East St. Louis, Illinois, desires to acquire
from the City of Evanston the authority to issue Two Million One Hundred
Thousand and no/100ths Dollars ($2,100,000.00) of Industrial Revenue Bonds
for the purpose of loaning the proceeds of said funds to finance the
construction of a project authorized and eligible for financing by Industrial
Revenue Bonds; and
WHEREAS, the City of Evanston.is willing to make such re -allocation
to the City of East St. Louis, Illinois;
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF
0 EVANSTON, COOK COUNTY, ILLINOIS:
10/10/85
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115-0-85
SECTION 1: That the City of Evanston does hereby allocate to the
City of East St. Louis, Illinois, its authority to issue
Two Million One Hundred Thou sand. and 'no/100ths Doll a rs($2,100,000.00) Industrial
• Revenue Bonds, said allocation being authorized and subject to the applicable
statute in subject cases and provided.
i'
SECTION 2: That the consideration for the reallocation of said
funds is in the amount of one per cent (1%) of the
reallocation herein authorized. Said full and complete consideration shall
amount to Twenty-one Thousand and no/100ths Dollars ($21,000.00),
which amount shall be due and payable to the City of Evanston on or before the
issuance of said Industrial Revenue Fonds by the City of East St. Louis,
Illinois. Said reallocation is conditioned upon and subject to payment of
said consideration.
SECTION 3: This ordinance shall be in full force and effect from
and after its passage and approval in the manner
provided by law.
Introduced:
Adopted:
ATTEST:
City Clerk
Approved as to form:
Corporation Coun_,ei
, 1985
, 1985
Approved:1985
Mayor
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